September 15, 2011 / 9:11 AM / 6 years ago

Malaysia's KLCC Property to issue 880 mln rgt Islamic notes

KUALA LUMPUR, Sept 15 (Reuters) - Malaysia's KLCC Property Holdings Bhd said on Thursday that 2 of its units will issue an 880 million ringgit ($285.9 million) Islamic medium-term notes programme.

KLCC said proceeds raised from the sukuk programme will be used by one of its units, Midciti Resources Sdn Bhd to purchase and cancel its existing debt securities which were utilised for Shariah-compliant purposes.

It would also be used to finance Shariah-compliant working capital requirements.

$1 = 3.078 Malaysian Ringgit Reporting by Razak Ahmad; Editing by Niluksi Koswanage

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